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we can bring this government under control through spending reductions. certainly, if taxes are raised, they should be done in a way that's most beneficial or least damaging to the viability of our economy. >> yeah. i got to tell you, after listening to that interview, i feel pretty confident that we're going over the cliff. are we going to go over the cliff, senator? >> we should not go over the cliff. we should have been working on this all year, not waiting until the last minute. the reason we're not making progress, let me tell you -- and i've been consistent on this. they're bringing these numbers up in secret. if they were laid out in public so the american people knew just how much taxes they were increasing, just how little spending reductions -- or how much increases in spending. as a political mover, very effective at being able to hide the net impact of his plan and ride this general good feeling of his election. it's not a healthy situation politically. we've got to do the right thing for the country. >> all right, senator. i was really struck
we can bring this government under control through spending reductions. certainly, if taxes are raised, they should be done in a way that's most beneficial or least damaging to the viability of our economy. >> yeah. i got to tell you, after listening to that interview, i feel pretty confident that we're going over the cliff. are we going to go over the cliff, senator? >> we should not go over the cliff. we should have been working on this all year, not waiting until the last minute....
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Nov 29, 2012
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that's going to be more money coming out of the keconomy and going into the government. there's not really a lot of cost savings if you look at the actual numbers from the gao. >> wouldn't coins be easier, especially for smaller transactions? >> well, i think, really, the market has spoken there. npr last year found a billion of these things hitting on shelves in a warehouse somewhere. i think if there was a real benefit to retailers, if there was a benefit to consumers, they wouldn't be sitting there. they'd be in circulation. >> all right. congressman, what about that? dollar coins have been in circulation since the 1700s. modern day consumers have always gravitated toward the bills. if they had the choice, why force the change? >> you notice that you don't go into a store and have a choice between having a paper quarter and a coin quarter. you get the coin quarter. it's the same thing with the dollar bill. the experience in all the countries, every major country that's done this, that once you make the transition, and if you make the transition as rapidly as possible,
that's going to be more money coming out of the keconomy and going into the government. there's not really a lot of cost savings if you look at the actual numbers from the gao. >> wouldn't coins be easier, especially for smaller transactions? >> well, i think, really, the market has spoken there. npr last year found a billion of these things hitting on shelves in a warehouse somewhere. i think if there was a real benefit to retailers, if there was a benefit to consumers, they...
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Dec 7, 2012
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we have to pay for all this government. the big mistake is growing government. >> although there's a room for balance, i don't say peter's wrong entirely, the fact of the matter is the top 2% are not paying their fair share. american people don't think so. the numbers don't add up. if you want a deal here, you're going to have to raise the rates and then if you want to talk about spending cuts, as i think the president will eventually do, you'll see a last-minute agreement. >> first of all, i'm in the top 2%. i'm paying 45% of my total income in income tacks boxes to state of connecticut and the government. >> you need a better accountant, peter. >> more than half of my income is going to go to the government. you tell me, what's fair about that? >> i'll tell you what's fair about that -- >> i'm paying half. excuse me. i don't care what the majority voted to do. they don't have a right to steal my money just because they vote for it. >> i'll tell you what the problem is. we're in a crisis. we're in a crisis caused by the bu
we have to pay for all this government. the big mistake is growing government. >> although there's a room for balance, i don't say peter's wrong entirely, the fact of the matter is the top 2% are not paying their fair share. american people don't think so. the numbers don't add up. if you want a deal here, you're going to have to raise the rates and then if you want to talk about spending cuts, as i think the president will eventually do, you'll see a last-minute agreement. >> first...
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Dec 7, 2012
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another big issue is government regulation. just focusing on lack of sales, if that's one of their key concerns, then they're probably right for this perspective. this is something that will take 6 to 12 months to work through. >> if i'm an a student and i get a b, that's bad. if i'm a c student and i get a b, that's good. we seem to become a c economy happy with a b or buy-minus jobs number. what happened to great expectations and why isn't anybody in congress talking about growth? >> well, because we've got a lot of other issues. they built the cliff and now they're trying to keep us from going over it but it is all a sort of self-made crisis if you will from the policy perspective. i think tom is right, there is a lot of structural issues holding the u.s. back. there's still deleveraging on the household side. businesses are stuck in a cautious state and probably rightly so. it's going to be a grind getting to higher rates of growth. and that's -- getting the expectations right is actually a good thing. we were overly optimi
another big issue is government regulation. just focusing on lack of sales, if that's one of their key concerns, then they're probably right for this perspective. this is something that will take 6 to 12 months to work through. >> if i'm an a student and i get a b, that's bad. if i'm a c student and i get a b, that's good. we seem to become a c economy happy with a b or buy-minus jobs number. what happened to great expectations and why isn't anybody in congress talking about growth?...
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Dec 5, 2012
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the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan for it but so far, brian, there is no evidence that governments, either state or federal, have learned this lesson. >> why is this so hard for us to figure out? you just laid it out. we've been here before. >> we've been here before. we've been here every decade we get to this point where we have this sudden artificial explosion in revenues whether from the market or tax havens. when governments get money they like to spend it. they like to pretend it is the new normal and they can budget along those lines but the temptation is to spend that money and budget around it. then suddenly we have 2013. >> remember world war i? >> i do remember. that was a rough time. >> they said there will never be another war like that? what happened, like 22 years later? we are doomed to repeat the same mistakes. >> we'll have this interview. we can go back next year and say we
the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan for it but so far, brian, there is no evidence that governments, either state or federal, have learned this lesson. >> why is this so hard for us to figure out? you just laid it out. we've been here before. >> we've been here before. we've been here every decade we get to this point where we have this sudden...
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Dec 3, 2012
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now it's the government's turn. not a matter of if but when something gets done. whether it's some arbitrary dade of december 31st or they kick the can down the road to february or may 14th or whatever, they'll get the deal done. they're going to get the deal done. from a psychological standpoint that will be viewed as a positive. think about it as an investor, as a whiteboard. you look at the u.s., throw if on a whiteboard, where else are you going to invest? you can't buy bonds, europe, emerging markets. you have to buy equities -- >> corporate bonds. >> maybe as part of that. but in terms of the whole total return funds you're seeing in these bond categories, you've had such rapid inflows, which is clearly a sign of a safety trade and psychological trade. they're not buying bonds based on fundamental but on fear. >> for yield. let's put aside all of this wrangling and let's say we get a deal done. we start to look at what that deal looks like. higher taxes, lower federal spending. right? i mean, when you look -- when you take away all of the fights and when you
now it's the government's turn. not a matter of if but when something gets done. whether it's some arbitrary dade of december 31st or they kick the can down the road to february or may 14th or whatever, they'll get the deal done. they're going to get the deal done. from a psychological standpoint that will be viewed as a positive. think about it as an investor, as a whiteboard. you look at the u.s., throw if on a whiteboard, where else are you going to invest? you can't buy bonds, europe,...
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Dec 3, 2012
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as the government tries to figure out how to implement this, how industry then tries to react. i mean, it's going to be a blood bath for most of 2013. >> well, let me ask you this, because, you know, we talk so much about the layoff part of this story. what about the security of the united states, is that at risk? tell us about the security and how programs or missions around the world get impacted. >> well, i think that -- i'm glad you turned to that because that's exactly the point. national security will be affected, high terrific will be affected. it's it's the federal deficit. it's the federal debt, which is a huge risk for national security. right now the defense department has taken, as i said, about can half a trillion dollars of deduction in the first round but the strategy aligns to the point we can meet national security objectives and still accomplish or make though cuts. if you start putting another half a trillion on top of, that you shatter the strategy. and then national security has to be free thought. i propose we need more of a fiscal stairstep reduction so t
as the government tries to figure out how to implement this, how industry then tries to react. i mean, it's going to be a blood bath for most of 2013. >> well, let me ask you this, because, you know, we talk so much about the layoff part of this story. what about the security of the united states, is that at risk? tell us about the security and how programs or missions around the world get impacted. >> well, i think that -- i'm glad you turned to that because that's exactly the...
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Dec 4, 2012
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casino stocks also under pressure on worries that the chinese government is increasing scrutiny over some of the macao casinos. oracle declared an accelerated second, third and fourth quarter dividend totaling 18 cents per share of outstanding common stock. this announcement comes ahead of a folks dividend tax increase next year. back to you. >> seem marks thank you. power run down time. joining us, cnbc's kayla tausche, john carney. start with a new study finding high-frequency stragd hurting traditional largely retail investors taking away profits. another sign this is a threat to investors. kayla, should we be surprised that the pros are lunching once again? >> talked about this so much, tyler. what i found interesting about this study, it tried to quantify the advantage, saying in the future's market, high-frequency trade hearse tradeers had a $5 contract. i'm worried about the volatility overall. >> a sign of something nefarious going on or the stupid of retail investors try go into this game? >> it doesn't measure the benefit bus the looks at the cost. there is a lot more lick
casino stocks also under pressure on worries that the chinese government is increasing scrutiny over some of the macao casinos. oracle declared an accelerated second, third and fourth quarter dividend totaling 18 cents per share of outstanding common stock. this announcement comes ahead of a folks dividend tax increase next year. back to you. >> seem marks thank you. power run down time. joining us, cnbc's kayla tausche, john carney. start with a new study finding high-frequency stragd...
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Dec 4, 2012
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in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> our thesis is that with a pretty big deficit/debt problem ultimately you'll have to unwind some of the stimulus and that would be bad for the market multiples in the interim. >> well, that was one of the street's biggest bears, morgan stanley's adam parker. our next guest has an entirely different opinion and he says stocks are going sharply higher over the next few months regardless of what happens in washington. barry bannister joins us now live. barry, it's nice to see you. >> hi. >> i'd call you a market bull, but i'd be doing you a disservice. you are looking for 1600 in just the next couple of months. how
in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> our...
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Nov 29, 2012
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government has been the 800-pound gorilla in the bond market. i believe they're artificially suppressing those interest rates. when those start to move, i think it will be a move most people are not prepared to undertake. >> what do you think we do tomorrow? >> well, depending on what nancy pelosi says, i still they we're up -- i think we made a little more pullback on this volatility. i think the trend to the end of the year is to the up side. play for the long side. >> as we learned from eamon javers,
government has been the 800-pound gorilla in the bond market. i believe they're artificially suppressing those interest rates. when those start to move, i think it will be a move most people are not prepared to undertake. >> what do you think we do tomorrow? >> well, depending on what nancy pelosi says, i still they we're up -- i think we made a little more pullback on this volatility. i think the trend to the end of the year is to the up side. play for the long side. >> as we...
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Dec 7, 2012
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too little government spending at the federal, state, and local level. too little spending because of deleveraging and too little residential investment because we still have an unresolved housing situation, unresolved housing crisis for many americans facing foreclosure. those are all cyclical issues. i actually think we could, with the right set of policies, grow more quickly. do i think longer term we need tax reform? yes, we probably do, but by the way, right now we have the lowest taxes as a share of gdp in recent history, in modern history. we have profits as a share of gdp, profits as a share of national income at a historic high. this is not for want of having tax relief in the economy. it's for want of having spending in the economy. >> very good. good to hear from you again, laura. thank you for joining us. >> thank you very much. appreciate it. >> thank you. have a great weekend. >>> as if you needed another reason to worry about your 401(k), changes could be coming that you need to know about and you cannot afford to miss it next. >>> also, u
too little government spending at the federal, state, and local level. too little spending because of deleveraging and too little residential investment because we still have an unresolved housing situation, unresolved housing crisis for many americans facing foreclosure. those are all cyclical issues. i actually think we could, with the right set of policies, grow more quickly. do i think longer term we need tax reform? yes, we probably do, but by the way, right now we have the lowest taxes as...
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government programs like medicare. it is the austerity cross hairs. the ceo of the new york presbyterian hospital is with us. give me your concerns or feelings as we approach this fiscal cliff. do you think we'll get a deal done, or are you anticipating we go over the cliff? >> we're americans. we have to get a deal done. this is really important, and it's important for health care. at some point in time, we're going to have to come to grips with the fact there's got to be revenue. you have to have some rate increases, in my opinion. charitable deductions are a non-starter for us. that's a big issue. universities, hospitals, we depend on charity and charitable donations. >> let's stop right there because i want to take one part at a time. the charitable deductions, this is one of those deductions within the tax code that's being debated. that and as well the mortgage deduction. you think that if that incentive to give money away, that incentive to help hospitals, health care, you think people will give less? >> i know
government programs like medicare. it is the austerity cross hairs. the ceo of the new york presbyterian hospital is with us. give me your concerns or feelings as we approach this fiscal cliff. do you think we'll get a deal done, or are you anticipating we go over the cliff? >> we're americans. we have to get a deal done. this is really important, and it's important for health care. at some point in time, we're going to have to come to grips with the fact there's got to be revenue. you...
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Dec 4, 2012
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>> for the government, the biggest impact n 1986, we'd similar thing, capital gains went from 20% to 28%. what happened is capital gains collections doubled in 1986 and then fell by half the following year, we can expect our government will have more than expected tax revenues this year and next year, when taxes go up, everyone will say, see, the tax hikes didn't work, we actually collected less revenue. and so the danger is we build program of this year's revenue, forecast base on this year's tax revenue and fall short next year. it could impact spending this money is not out there not generating jobs, not buying things or, you know, building things. >> got leave it there great stuff as always. thanks very much. >>> coming up next, flu fears starting early this year. why this flu season could be the worst in years. >>> and later on, iran stays shot down an american drone. the navy says no you didn't. either way, our own phil lebeau has firsthand experience with a small drone playing a big role in this latest skirmish. icans be in charge of their own future. how they'll live tomorrow
>> for the government, the biggest impact n 1986, we'd similar thing, capital gains went from 20% to 28%. what happened is capital gains collections doubled in 1986 and then fell by half the following year, we can expect our government will have more than expected tax revenues this year and next year, when taxes go up, everyone will say, see, the tax hikes didn't work, we actually collected less revenue. and so the danger is we build program of this year's revenue, forecast base on this...
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Nov 30, 2012
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government is mocking us. take a look at the markets today. the dow jones industrial average had a burst at the close. it was up at 30 points
government is mocking us. take a look at the markets today. the dow jones industrial average had a burst at the close. it was up at 30 points
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Dec 6, 2012
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looks like the italian government is going to survive. you see italian stocks were down throughout the day. the problem about this, the structure of italian politics makes the country ungovernable. brian, there's 12 political parties in the chamber of deputies. that's the lower house. you get coalitions together and they routinely topple the governments. this has been a problem since world war ii. they've got to gig ofigure out better way to govern the country. >>> we've got huge volume today on apple. it will do 40 million shares, probably twice normal. it went positive earlier in the day on that very good news about doing some production of the mac in the u.s. >> they've got too many and maybe we have too few. somewhere in the middle is the answer. bob pisani, thank you. >>> your top stock story today is -- what else -- apple. it is making a small comeback after hitting a nine-month low earlier today but it's been a run to forget for one of the most owned stocks in the world. it's down 7% over the past week. here's your headline of the
looks like the italian government is going to survive. you see italian stocks were down throughout the day. the problem about this, the structure of italian politics makes the country ungovernable. brian, there's 12 political parties in the chamber of deputies. that's the lower house. you get coalitions together and they routinely topple the governments. this has been a problem since world war ii. they've got to gig ofigure out better way to govern the country. >>> we've got huge...
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Nov 30, 2012
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they've gotten an increase every year from the government. the government came out this year and said no way buddy. it's flat. if you want a price increase to apply to us it's not going to happen. >> deutsche bank took them from a buy down to a hold. you've got the pending l.e.d. expirations coming in. but i think the street knows that already. i think what you focus on here is gross margin expansion. two consecutive quarters. that's good. >> doc, what do you see behind family dollar today? >> well, i saw two great calls about a month and a half ago. citi and deutsche both made just pounding the table buy this stock calls back in october. now look at it. the stock is up better than $12 i think over that same time. so continues to out perform here like the stock. if we go off the cliff this is one of the names sadly that benefits from that kind of turmo turmoil. >> we give a big pop today for caviar. something fishy going on in california's malls. chain of caviar vending machines has sprung up in three l.a. shopping centers. the owner of the m
they've gotten an increase every year from the government. the government came out this year and said no way buddy. it's flat. if you want a price increase to apply to us it's not going to happen. >> deutsche bank took them from a buy down to a hold. you've got the pending l.e.d. expirations coming in. but i think the street knows that already. i think what you focus on here is gross margin expansion. two consecutive quarters. that's good. >> doc, what do you see behind family...
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Dec 6, 2012
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residential investment and government infrastructure, which is way down from historical levels, and business structures investment, that's important, but the locomotive that pulls our economy is investment in equipment and software. whether it's for an oil cater in the basis or a high-tech start-up buying servers and routers and things of that nature. it's our reduced level of capital investment that's produced our low gdp growth rates and our high unemployment. and high tax rates at the corporate level worldwide are directly related to high unemployment levels. you've got to stimulate investment in the united states and a lower corporate tax rate and a so-called territorial system where you don't tax profits made, say, from selling disposable diapers in china to chinese citizens. has to pay a tax to come back in the united states. >> let me get your take, fred. everything you say makes a lot of sense. yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take
residential investment and government infrastructure, which is way down from historical levels, and business structures investment, that's important, but the locomotive that pulls our economy is investment in equipment and software. whether it's for an oil cater in the basis or a high-tech start-up buying servers and routers and things of that nature. it's our reduced level of capital investment that's produced our low gdp growth rates and our high unemployment. and high tax rates at the...
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Nov 30, 2012
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it's the same government. they've chosen to raise revenues with a flat tax rather than an income tax. >> so would you support a bumper sticker that says "blame your governor, not your president"? >> i'm not here to run campaigns. i'm just here to put out the information. people who are concerned about it ought to be thinking about the state and local level. a lot of the trend is happening there. >> it was a thought-provoking article. thank you very much for joining us. >>> on the issue of those proposed tax hikes, one freshman republican is taking a big back pedal on signing grover norquist's tax pledge. see, when representative chris gibson took over in 2010 as a candidate t his new york congressional district was the 20th. he signed it. but now through redistricting, he represents the 19th district instead. he's saying his signature on that doesn't hold water because he changed districts. turns out grover norquist is not buying that. a line in the pledge states, it's made to the american people to avoid that
it's the same government. they've chosen to raise revenues with a flat tax rather than an income tax. >> so would you support a bumper sticker that says "blame your governor, not your president"? >> i'm not here to run campaigns. i'm just here to put out the information. people who are concerned about it ought to be thinking about the state and local level. a lot of the trend is happening there. >> it was a thought-provoking article. thank you very much for joining...
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Dec 7, 2012
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it is important to note no fund governmenting is behind it. >> this is a totally private sector effort to start-up america partners. the jobs act passed by partisan support and the need for bipartisan support around high-skilled immigration in particularpy half of the people coming to our universities for advanced degrees, ph.ds and masters are from other countries but all too often once we give them degrees we kick them out of the country and force them back to their country and they start companies there that compete with companies here. that's a big focus in washington and hopefully there will be broad bisupport when the congress reassembles in jn after they get through the whole fiscal cliff issue and focus on making sure we have the right entrepreneur policies so we can remain the world's most trurl nation. that's what will drive economic growth up from 2%, driving unemployment down from 8% or so. that will ensure our competitiveness in what's now a more competitive world. we have to double down on entrepreneurs. it is the secret sauce that's built the american economy. >> what ab
it is important to note no fund governmenting is behind it. >> this is a totally private sector effort to start-up america partners. the jobs act passed by partisan support and the need for bipartisan support around high-skilled immigration in particularpy half of the people coming to our universities for advanced degrees, ph.ds and masters are from other countries but all too often once we give them degrees we kick them out of the country and force them back to their country and they...
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Dec 5, 2012
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it is not just the government saves money, other people, those seniors are going to pay to be in those exchanges. >> there's no free lunch. >> nothing. >> i think there is good news that with this administration we don't have to worry about having another debate about privatizing social security. you and i, bob, are probably not going to get social security at 65 anyway because that age is already going up. this is not a big problem for our economy. medicaid and medicare are much bigger problems. we can raise it or also increase the tax on people who make over $106,000. >> listen be, coffee lovers. try not to choke on that peppermint mocha latte. we'll tell you about that new $450 starbucks gift card, entirely made of steel. someone down here said it probably should be made of gold given that price. would you ever consider giving that as a gift or buying something like that? >> i've paid up for premium services, v.i.p. tickets at conferences -- concerts. there's a market for v.i.p. services. remember the platinum card? 10 or 12 years ago, platinum card wasn't good enough for the world.
it is not just the government saves money, other people, those seniors are going to pay to be in those exchanges. >> there's no free lunch. >> nothing. >> i think there is good news that with this administration we don't have to worry about having another debate about privatizing social security. you and i, bob, are probably not going to get social security at 65 anyway because that age is already going up. this is not a big problem for our economy. medicaid and medicare are...
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Nov 29, 2012
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in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide
in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. at merrill lynch, we...
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Dec 6, 2012
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where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just a question of how much. >> we need to do both to do a deal. i don't think both sides dwre that it's the right thing to do. just to get a deal done. >> i think moderates in both parties -- >> people on the right think we're plenty big. and there
where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most --...
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Dec 7, 2012
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that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i mean, i guess what -- even if hampton is still there, i don't know, they said no sandy effect, but i'm seeing a minus 42,000 on construction and goods producing. how can that not be? >> no. i think that's some of the sandy effect coming through. with katrina what the bls did is they made some adjustments for the fact that they got a lot fewer respondents from the people who were affected by the storm and my guess is this go-around they decided no to the do that for whatever reason, wait for other data to come in. once we get that data coming in, they will revise down. what you're seeing in the construction jo
that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i...
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Dec 4, 2012
12/12
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we want to -- the government solves problems in texas. we want to do something in texas, it happens two or three times faster in texas than it does in, say, the state of california. >> mike, thank you very much. >> thank you. >> great seeing you guys this morning. >>> let's check the futures, traders focus on jobs this week as we get ready for the big employment report on friday. >>> coming up, becky's exclusive interview with brian moynihan. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? melons!!! oh yeah!! well that was uncalled for. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you co
we want to -- the government solves problems in texas. we want to do something in texas, it happens two or three times faster in texas than it does in, say, the state of california. >> mike, thank you very much. >> thank you. >> great seeing you guys this morning. >>> let's check the futures, traders focus on jobs this week as we get ready for the big employment report on friday. >>> coming up, becky's exclusive interview with brian moynihan. [ penélope ] i...
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Dec 3, 2012
12/12
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is appropriate, given the fact we're going to have these fiscal drags in the form of tax rates and government spending, number one. and number two, are they even close to the mark this year? they haven't been in recent years until we have gotten closer to the end. will this be yet another year where they're wildly off. >> yeah, so i'll answer the second question first. our forecast for 2013 is that we're going to have $99 in s&p earnings. the street is now at $113. i guess the good news is, we see the earnings troughing in the april time frame and beginning to grow after that. so you could have some earnings growth, which is i think more optimistic than where it was a year ago. but the problem is the consensus numbers have to come down. so your question is tricky, josh. i think everyone knows the numbers are going to come down. we're not paying for the $113 now. abo but as they come down, will you be afraid they go way lower. that's really the key debate, right? and i think people could be afraid around the fiscal cliff or around supply issues on oil or europe, you know, looking pretty weak.
is appropriate, given the fact we're going to have these fiscal drags in the form of tax rates and government spending, number one. and number two, are they even close to the mark this year? they haven't been in recent years until we have gotten closer to the end. will this be yet another year where they're wildly off. >> yeah, so i'll answer the second question first. our forecast for 2013 is that we're going to have $99 in s&p earnings. the street is now at $113. i guess the good...
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Nov 29, 2012
11/12
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big parts of that was government spending at the federal side. also you had inventories go up. what you didn't have is -- we marked down consumer spending and business spending was negative. i want to do 3%, 3.5%, 4% with strong consumer spending and strong business spending. those will be a sustainable path for the economy. >> can't let you go without a little fed speak. mr. dudley, new york fed chief, speaking this morning. >> some important comments. hurricane sandy was directly in his district so he made some comments about it. he said that the damage was worse than first anticipated. that's something we've been talking a lot about. original number was $50 billion. it's in the $70 billion to $90 billion range. it is probably going to shave a quarter to half a point off gdp. you talked about the fiscal cliff which he says congress and the president must address. he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thi
big parts of that was government spending at the federal side. also you had inventories go up. what you didn't have is -- we marked down consumer spending and business spending was negative. i want to do 3%, 3.5%, 4% with strong consumer spending and strong business spending. those will be a sustainable path for the economy. >> can't let you go without a little fed speak. mr. dudley, new york fed chief, speaking this morning. >> some important comments. hurricane sandy was directly...
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Nov 30, 2012
11/12
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they both win by governing. i mean, this is -- a unique situation. they both win by governing. that opportunity sitting there for them to take. i think that -- i think they both are sophisticated enough to realize it. hopefully they go in a room and do it. >> it is only a big deal -- only a big deal that will set off this positive chain of events that i think will be a huge boom to the american economy. we have to go big and we have to really solve this problem. >> i think there's -- there could be a high chance that there is a deal but that nothing big gets done. if that's the case -- >> that's the problem. >> that could be the path of least resistance. >> that's kicking the can down the road. >> right. >> i hear you being critical of the president. you don't like his offer yesterday. sounds to me like what you are saying is there wasn't enough compromise in the president's offer yesterday. >> no. it was a -- a good -- look, i have done -- as governor and mayor thousands of union negotiations. you start out with a position you don't expect to wind up with. there ought to be pe
they both win by governing. i mean, this is -- a unique situation. they both win by governing. that opportunity sitting there for them to take. i think that -- i think they both are sophisticated enough to realize it. hopefully they go in a room and do it. >> it is only a big deal -- only a big deal that will set off this positive chain of events that i think will be a huge boom to the american economy. we have to go big and we have to really solve this problem. >> i think there's...
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Nov 29, 2012
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rationalizing this to the public and to the government would prove very tough. for large firms, administration issues including getting comp committees determining what wage to pay and getting stock in the hands of employees by year end is too massive an undertaking for many with just a month to go in the year. now pay experts say interest in act sell traiting bonuses peaked after the election, but once they understood the hurdles they have to clear, they dropped it. while smaller firms may accelerate payments too because the administrative burden is mangle. one ceo who does not want to be identifieded says that -- this will allow the firms to escape mentioning the move in their annual proxies. should budget talks fail as which approach year end, advisers say some ceos may revir revisit paying out bonuses early. >> hesitant of the government's ability to avoid the fiscal cliff, many high income earns are taking steps to sell their houses, stocks and even businesses before the end of the year. you're going to name names? >> one of the advantages of being wealthy
rationalizing this to the public and to the government would prove very tough. for large firms, administration issues including getting comp committees determining what wage to pay and getting stock in the hands of employees by year end is too massive an undertaking for many with just a month to go in the year. now pay experts say interest in act sell traiting bonuses peaked after the election, but once they understood the hurdles they have to clear, they dropped it. while smaller firms may...
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Dec 5, 2012
12/12
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you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see real entitlement reform as well. but you have to deal with the issue on the table. i mean, the spending right now is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the
you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see...
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Dec 3, 2012
12/12
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the government isn't the solution here. >> the government is not the solution. >> correct. >> well, they are part of the problem. before a private sector solution, it seems like we have to get over this problem in the near term. it's a huge amount of money just being sucked right out of the economy on january 1st. >> i don't disagree with that at all. >> at this point, it's a one in in two chance, one in five chance, what's the chance we go over? >> roeprobably one in two, one s three. there will be some sort of resolution. getting down to the last minute kind of mentality, but certainly i think there will be a solution. i think next year you'll be in a low growth environment again and really if you look at the economy, we're probably going back to the '90 style economy where you had 3%, 3.5% was really good growth. 2% growth which we're experiencing right now is pretty good. full employment might be 5.5, 6% like the old days. and i think with that being said, we've got to to get a little bit closer to those numbers to really have the economy start to take off. and i don't think we're th
the government isn't the solution here. >> the government is not the solution. >> correct. >> well, they are part of the problem. before a private sector solution, it seems like we have to get over this problem in the near term. it's a huge amount of money just being sucked right out of the economy on january 1st. >> i don't disagree with that at all. >> at this point, it's a one in in two chance, one in five chance, what's the chance we go over? >>...
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Dec 6, 2012
12/12
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not only do the hard liners refuse to rise above partisanship in order to avoid a government mandated recession, which is what it's tantamount to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the whole company if i don't finish, but darn it all, hey, see you later, sport, i'm taking a vacation. i'm out of here! not only do i advocate no vacation without legislation, i want to know, a new one for you. a litmus test. i want to know which of these bitter and indolent politicians have tickets in their pockets to fly out of washington next week. i'm not kidding. i think we should ask each politician we interview, have you purchased tickets to leave without getting your job done? what's the date on that ticket? i'm not asking you about the first class stuff. i want a date. so gloom is a perfectly good attitu
not only do the hard liners refuse to rise above partisanship in order to avoid a government mandated recession, which is what it's tantamount to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the...
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Dec 7, 2012
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government now can stop this kind of job growth. a fiscal cliff go over -- >> snatching victory from the jaws. >> a superstorm. nothing can stop the generation of jobs in this economy. >> there's a great article today in one of the papers about how apartment building, we have a shortage of apartments and shortage of housing and shortage of autos and shortage of office buildings developing, shortage of shopping centers, shortage of shopping malls. this is what begins a movement. you have to hire eventually. now you could say people are not looking for work, come on. look, jobs are here. they can -- it can be just easily reversed if you have no idea what is the future because of washington. >> given the data points that we've had in terms of claims numbers that did reflect an impact from sandy, they said 85,000 jobs or 86,000 jobs were sliced because of impact of sandy. average hours worked unchanged. doesn't that -- i don't know -- doesn't that bring into question a little bit the participation in the survey. how can it have no impac
government now can stop this kind of job growth. a fiscal cliff go over -- >> snatching victory from the jaws. >> a superstorm. nothing can stop the generation of jobs in this economy. >> there's a great article today in one of the papers about how apartment building, we have a shortage of apartments and shortage of housing and shortage of autos and shortage of office buildings developing, shortage of shopping centers, shortage of shopping malls. this is what begins a...
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Nov 29, 2012
11/12
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and let's not be threatening government shut downs. let's sit down in a good faith effort and that's what president obama is not doing. he's back on the campaign trail which will is unfortunate. he should be in washington here sitting down in a good faith effort to try and grow the economy. because that's ten times more effective. >> senator, what are the odds that you think we reach an agreement before january 1st? >> that's just hard to say. there are enough republicans that are showing a willingness and i'm certainly willing to sit down with anybody who is willing to negotiate in between faith. my guess is we probably will get it solve, but i hope item not done in a way that harps tms th economy. but the president has to show us his balanced plan. >> as you said yourself, probably not the way to do to negotiate either on television or in front of everybody. that's probably happening behind the scenes. >> becky, that's not negotiating. that's called putting your plan on the table. republicans have passed two budgets. we have a bipart
and let's not be threatening government shut downs. let's sit down in a good faith effort and that's what president obama is not doing. he's back on the campaign trail which will is unfortunate. he should be in washington here sitting down in a good faith effort to try and grow the economy. because that's ten times more effective. >> senator, what are the odds that you think we reach an agreement before january 1st? >> that's just hard to say. there are enough republicans that are...
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Dec 4, 2012
12/12
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the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have to get backyard. >> el paso electric company celebrating tenth anniversary. yit celebrating its 100th anniversary. want to go straight to mary thompson with breaking news out of fdic. >> this is the fdic's third quarter breaking profile looking at how banks performed in the third quarter. profits for insured institutions rising to best levels in six years in the third quarter. higher profits driven by higher revenue and lower loan loss provisions. the company's third quarter operating revenue increased by 3% in the last quarter and that's a positive sign. it was the first time for the world's largest revenue that banks posted in three years. loan balances increased. it was slightly less than in the second quarter. we should a
the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have to get backyard. >> el paso electric company celebrating tenth anniversary. yit celebrating its 100th anniversary. want to go straight to mary thompson with breaking news out...
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Nov 30, 2012
11/12
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it was a lot of government spending and a lot of other things. second, i think the market is looking forward at a weak fourth quarter number. >> where is bianco research with regard to estimates for fourth quarter growth? >> we were two before sandy and now well under two with sandy and if we get no fiscal cliff deal or kind of a milk toast deal i think we'll stay at those sub par numbers in the 2013. >> even without sandy you didn't think it would be much above 2%. >> right. i'm in the camp the economy is still struggling along. not a recession but not doing very good. >> let's switch gears. there have been many articles out. you always point them out to me. the world's been bearish from treasuries and the world of economists and analysts for years now and they've been wrong. what do you think at this point? >> same thing. bloomberg does a survey of about 80 or 90 economists a month. >> i don't know who they are. >> i've heard of that. 95% of them in the last survey said rates would be high inner six months. you know what? that's been what they'
it was a lot of government spending and a lot of other things. second, i think the market is looking forward at a weak fourth quarter number. >> where is bianco research with regard to estimates for fourth quarter growth? >> we were two before sandy and now well under two with sandy and if we get no fiscal cliff deal or kind of a milk toast deal i think we'll stay at those sub par numbers in the 2013. >> even without sandy you didn't think it would be much above 2%. >>...
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Dec 6, 2012
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the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, this i found, as a matter of fact, the engine in here is made in america. and not only are the engines in here made in america, but engines are made in america and are exported. the glass on this phone is made in kentucky. so we have been working for years on doing more and more in the united states, next year, we will do one of our existing mac lines in the united states. >> you can see the entire interview with tim cook tonight on rock center, that's 10:00 eastern time on your local nbc station, but for now investors are watching the market. apple shares 5.31, which is close to the main lows. this is close t
the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you...
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Dec 3, 2012
12/12
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the concern was that the government wasn't going to allow for any price increases for verisign. that's why the stock pulled back. in the wake of the number, reassessing the situation, the company on track for good revenue growth and as a result we have seen a turn-around in today's session, up more than 6%. back to you. >> ocekay, thanks mary. >>> fitch is out with its latest ratings on u.s. states. we have a look at which ones face the biggest threat from the fiscal cliff. >>> later, if you own a car but never drive it, you might be able to make some money off it. ashton kutcher and marissa mayer are backing the start up. the ceo of get-around is coming up. gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, th
the concern was that the government wasn't going to allow for any price increases for verisign. that's why the stock pulled back. in the wake of the number, reassessing the situation, the company on track for good revenue growth and as a result we have seen a turn-around in today's session, up more than 6%. back to you. >> ocekay, thanks mary. >>> fitch is out with its latest ratings on u.s. states. we have a look at which ones face the biggest threat from the fiscal cliff....
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Dec 5, 2012
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reflects the balanced response, and i've shown myself willing to make tough decisions when it comes to government spending. because despite my reputation -- i think there are efficiencies that can be gained, some programs used to work and just don't work now, as a consequence with working with democrats and republicans last year we were able to cut over a trillion of spending. the largest cut, by the way, in discretionary spending in history. so we're prepared to make some tough decisions when it came tough to -- when you look at what's needed for us to stabilize our budget, stabilize our deficit to gdp ratio, then every credible will follow. we can't just do it on spending cuts. there has to be a balanced approach in which we also are bringing -- partly because our revenue levels are as low as they've been -- >>> we're trying to decide if this is worth sticking with. it's clearly not the president's mike that is turned on. you can sort of hear what he's saying, but not very well. as he makes headlines we'll bring them to you. so we'll get to some reas is lynn jenkins, republican tiff from kansas
reflects the balanced response, and i've shown myself willing to make tough decisions when it comes to government spending. because despite my reputation -- i think there are efficiencies that can be gained, some programs used to work and just don't work now, as a consequence with working with democrats and republicans last year we were able to cut over a trillion of spending. the largest cut, by the way, in discretionary spending in history. so we're prepared to make some tough decisions when...